Economy

How much water does tourism in the Balearic Islands use?

One of the most frequent comments among the population residing in the Spanish Balearic Archipelago – a renowned tourist destination for Europeans – used to be: “Tourists consume a lot…

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Update – Oil prices rise as tight supplies compete with economic concerns

LONDON, May 15 (Reuters) - Oil prices edged up on Monday as the prospect of tightening supplies due to OPEC+ production cuts and a resumption in U.S. buying for reserves outweighed concerns…

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High inflation still top concern for global economy, say economists

Persistently high inflation remains the biggest economic concern this year even as most central banks are at or near the end-game for rate rises, according to Reuters polls of economists…

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Six major central banks increased interest rates in March

The pace of interest rate hikes by major developed and emerging market central banks continued at a healthy clip in March though the scale of rises tapered off somewhat as…

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EU executive to propose countries set own fiscal targets for 2024

The European Commission is likely to propose on Wednesday that EU governments set their own deficit-cutting goals when they prepare draft budgets for 2024, pushing ahead with its idea of country-specific debt reduction…

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ECB survey sees moderating inflation, rising wage expectations

Inflation expectations among euro zone consumers dropped in January but expectations for wage growth continued to rise, adding to fears wage growth will slow efforts to control prices, a European…

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Euro zone Q4 GDP growth confirmed, employment up more than expected

Euro zone gross domestic product growth slowed in the last three months of 2022 but stayed in positive territory, the EU's statistics office confirmed on Tuesday, and employment rose more than…

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IMF chief says markets have good reasons to be more upbeat on economy

The head of the International Monetary Fund (IMF) said on Monday that financial markets have good reason to be more upbeat, pointing to the U.S. economy likely avoiding recession and…

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EC raises euro zone 2023 growth forecast, sees lower inflation

Euro zone economic growth is likely to be stronger than previously expected this year while inflation will be lower than in forecasts towards the end of 2022, the European Commission said on…

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ECB survey shows rising inflation expectations despite energy price falls

Euro zone consumer expectations for inflation edged up again in December, a European Central Bank survey showed on Tuesday, indicating that recent interest rate hikes and falling energy prices have not yet tempered…

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Coffee prices to drop 12% as global surplus forecast

Arabica coffee prices are forecast to post an annual drop of 12% in 2023, with a large crop in top producer Brazil expected to lead to a global coffee surplus…

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EU commissioner: we don’t want a subsidy war with U.S

The European Union does not want to wage a subsidy war against the United States over its Inflation Reduction Act, EU Commissioner Paolo Gentiloni said in Berlin on Tuesday. The EU Commission plans to present…

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IMF lifts 2023 global growth forecast on China reopening, strength in U.S., Europe

The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to "surprisingly resilient" demand in the United States and Europe, an easing of energy costs and…

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Central banks bought the most gold since 1967 last year

Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold…

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Euro zone economic sentiment rises in January to seven-month high

Euro zone economic sentiment rose to a seven-month high in January on more optimism across all sectors except construction, with inflation expectations among consumers and companies both sharply down, data…

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EU may avoid recession, have a more shallow contraction instead -Gentiloni

Latest economic data shows the European Union may avoid a recession that was expected earlier and have a more shallow contraction instead, European Economic Commissioner Paolo Gentiloni said. "The economic situation is…

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Goldman Sachs no longer expects recession in euro zone in 2023

Goldman Sachs said on Tuesday it expects the euro zone economy to grow by 0.6% this year, compared with its previous forecast of a contraction, thanks to a fall in natural gas…

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Tech firms lead companies with most December job cuts -report

American technology firms dominated the number of announced job cuts in December, as some employers downsized workforces to brace for the prospect of difficult economic times looming ahead. According to…

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EU’s Gentolini: We will have a recession this winter

Europe will fall into a recession this winter and growth will not return before spring, European Economy Commissioner Paolo Gentiloni said on Monday. "We will have a recession this winter,"…

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OPEC+ agrees no change to oil policy – sources

LONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters, as the oil markets struggle to assess the…

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Europe to be hit hardest in global slowdown -OECD

The global economy should avoid a recession next year but the worst energy crisis since the 1970s will trigger a sharp slowdown with Europe hit hardest, the OECD said on…

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Euro zone Q3 GDP confirmed at 0.2% q/q, employment up as well

Euro zone gross domestic product grew by 0.2% quarter-on-quarter in the July-September period for a 2.1% year-on-year increase, Eurostat confirmed on Tuesday, while employment in the single currency area also…

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IMF says global economic outlook getting ‘gloomier’, risks abound

The global economic outlook is even gloomier than projected last month, the International Monetary Fund said on Sunday, citing a steady worsening in purchasing manager surveys in recent months. It…

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ECB will probably keep raising rates beyond 2% level – Villeroy

The European Central Bank (ECB) will probably continue to raise interest rates beyond 2%, but "jumbo" rate hikes will not become a new habit, France's central bank chief said in…

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Euro zone banks see falling loan demand, tighter access to credit in Q4

Euro zone banks expect to tighten access to credit further in the fourth quarter and see a drop in loan demand as economic growth slows and interest rates rise, the…

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Inflation drives global firms eastward in Europe in search of cost savings

Central European companies that provide remote, lower-cost business services for multinationals are ramping up their expansion plans as high inflation drives global firms to push more work to the region…

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Italy forecasts recession as Meloni seeks economy minister

Italy's economy probably shrank in the third quarter and will keep contracting until mid-2023, according to Treasury forecasts that will make grim reading for Giorgia Meloni, the rightist leader expected…

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Britain’s tax backdown bounces stocks and sterling

Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound. In trade thinned by holidays in…

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Asked about Italy, ECB’s Lagarde says she won’t fix ‘policy errors’

The European Central Bank won't use its latest emergency scheme to buy the bonds of countries that make "policy errors", its President Christine Lagarde said on Monday in response to…

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Global economy may avoid recession as inflation risks ease – J.P. Morgan

The global economy could avert a recession as data points to a potential soft landing, J.P. Morgan analysts said, while adding that the Federal Reserve might have "over-reacted" with the…

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Floods, other water-related disasters could cost global economy $5.6 trillion by 2050 -report

Worsening droughts, storms and torrential rain in some of the world's largest economies could cause $5.6 trillion in losses to the global economy by 2050, according to a report released…

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Pain of controlling inflation will reverberate around the globe

The message from the world's top finance chiefs is loud and clear: rampant inflation is here to stay and taming it will take an extraordinary effort, most likely a recession…

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Oil rises on prospect of OPEC supply cut, demand growth

Aug 29 (Reuters) - Oil prices rose 1% on Monday, as expectations that OPEC would cut output if needed to support prices, coupled with conflict in Libya and rising demand amid soaring…

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Analysis: As Ukraine war drags on, Europe’s economy succumbs to crisis

It was meant to be Europe's stellar year. A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense…

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Euro zone business activity contracts in August, outlook bleak

Business activity across the euro zone contracted for a second straight month in August as the cost of living crisis forced consumers to curtail spending while supply constraints continued to hurt…

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World shares edge up even as inflation and policy concerns linger

World shares edged up by mid-week taking comfort from strong U.S. retail earnings even though the UK's highest inflation since 1982 and a rate hike in New Zealand reminded investors…

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Bank of England will probably need to raise rates again – Deputy Governor

The Bank of England will probably have to raise interest rates further from their current 14 year-high to tackle inflation pressures that are gaining a foothold in Britain's economy, BoE…

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UK government told to act now over cost of living crisis

The British government came under pressure on Monday to set out plans immediately to support families through a mounting cost of living crisis, with a leading business group and former prime minister…

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German finance minister draws up 14 billion eur relief plan – Spiegel

German Finance Minister Christian Lindner plans a 10.1 billion euro ($10.29 billion) relief package to help taxpayers in 2023 which he is set to present next week, the Spiegel news weekly…

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IMF cuts global growth forecasts, warns high inflation threatens recession

The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy…

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Trouble looms for Europe as Germany slides on brink of recession

German business morale fell more than expected in July, the Ifo business sentiment survey showed on Monday, as the institute that compiles it said high energy prices and looming gas…

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Malta’s financial system’s resilience and performance improve despite challenging times – Central Bank

A report by the Central Bank of Malta shows that despite the high uncertainty surrounding the global economic climate, banks reported improved asset quality owing to both reduced NPLs and…

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UK new car sales fall 24% in June – SMMT

July 5 (Reuters) - British new car registrations fell 24% in June, according to preliminary industry data released on Tuesday. The Society of Motor Manufacturers and Traders (SMMT) said year-to-date registrations fell…

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Eurozone inflation hits new record of 8.1% as energy costs soar

Euro zone inflation rose to yet another record high in May, challenging the European Central Bank view that gradual interest rate increases from July will be enough to tame stubbornly high price…

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World leaders warned of risk of worldwide recession at Davos Forum

Multiple threats to the global economy topped the worries of the world's well-heeled at the annual Davos think-fest on Monday, with some flagging the risk of a worldwide recession. Political…

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EU Commission to propose keeping fiscal rules suspended in 2023-officials

The European Commission is likely to propose on Monday keeping EU curbs on government borrowing suspended in 2023 amid great economic uncertainty and a sharp slowdown in growth caused by…

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Eurozone registers better than expected growth in first quarter

Euro zone economic growth was stronger than previously expected in the first quarter, revised data showed on Tuesday, and employment rose too, showing the euro zone expanded at the solid…

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ECB policymaker says rates will rise ‘very soon’

FRANKFURT, May 14 (Reuters) - The European Central Bank (ECB) will likely decide at its next meeting to end its stimulus programme in July, and raise interest rates "very soon" after that,…

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Norway sovereign wealth fund CEO warns of rocky times

Norway's $1.2 trillion sovereign wealth fund, the world's largest, expects difficult market conditions in the time to come, affected by geopolitical events and inflation, its chief executive said on Tuesday. Inflation, already…

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British cost of living crisis to have severe impact on economic growth

The cost of living crisis in Britain will have a severe impact on economic growth this year but the Bank of England will still lift interest rates again next week,…

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UK executives expect high inflation to squeeze profits – Deloitte

More than seven out of 10 chief financial officers (CFOs) at Britain's biggest companies expect high inflation to reduce their profit margins, and few see the Bank of England getting…

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Bird flu, Ukraine war push egg prices higher worldwide

Severe outbreaks of bird flu in the United States and France are tightening global egg supplies and raising prices for the food staple as the war in Ukraine disrupts shipments to…

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Swedish inflation highest since early 1990s in March

STOCKHOLM, April 14 (Reuters) - Headline inflation hit its highest level in more than three decades in March as the war in Ukraine pushed up food and fuel prices, data showed on…

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UK growth stutters in February as cost-of-living squeeze looms

ritain's economy slowed more sharply than expected in February, reflecting a hit to car production from component shortages, storm disruption and reduced health spending as households braced for a tighter…

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Euro zone economy got March boost from reopening but prices soared -PMI

Euro zone business growth got a boost last month from the re-opening of economies following the Omicron coronavirus variant, according to a survey which however showed that soaring energy costs…

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Britain aligns with EU on delaying Basel bank capital rules

he Bank of England said that it planned to delay implementing a final set of post-financial crisis capital requirements for banks until January 2025, bringing Britain in line with the…

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Euro zone not facing stagflation risk: ECB’s de Guindos

Russia's war in Ukraine will dent euro zone growth but the block is still set to expand, even if the conflict escalates, European Central Bank Vice President Luis de Guindos said on Tuesday. "So,…

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